Income consumption curve of an inferior commodity is

Related MCQs

• A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased:
• If the supply curve of the commodity is having a positive slope, a rise in the price of the commodity, results in:
• A fall in the price of the commodity whose demand curve is a rectangular hyperbola causes total expenditure on the commodity:
• If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is
• Relation between price of a commodity and demand for another commodity is measured by:
• An increase in the price of the commodity when demand is inelastic causes the total expenditure of consumers of the commodity to:
• If the amount of the commodity purchased remains unchanged when the price of another commodity changes, the cross elasticity of demand between them will be:
• When individuals income falls (everything remain the same) his demand for an inferior good
• Income elasticity of demand for inferior goods is:
• When an individual’s income falls, when everything else remains the same, his demand for inferior goods: